Category Archives: Economics

Find your inner economist

(featured image credit: Ulleo) To make good choices, we have to be able to compare apples and pears Perhaps the most fundamental error that people make when discussing, or thinking about, economics is the belief that, confronted with two or … Continue reading

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Trade-offs, fast and slow

(featured image credit: domeckopol) Our biology determines how we make decisions, but we have a secret weapon Economics and biology are not the most obvious bedfellows. Standard economics has a reputation of assuming agents who have access to all relevant … Continue reading

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The trouble with tax

(featured image credit: Archives of Ontario CC BY) Taxation affects the economy, because it affects our behaviour. Is that impossible to avoid? Taxes are generally considered to be an inevitability, as the words of Benjamin Franklin, written in 1789, remind … Continue reading

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The price of attachment

(featured image credit: Les Chatfield CC BY) Value is in the eye of the holder, even more than in the eye of the beholder Something terrible happened to me last weekend. Well, that is what it felt like, anyway. My … Continue reading

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How economics can help us understand people better

When we think that the behaviour of others is baffling or if it seems utterly wrong to us, economics can help us take a different perspective You may not realize it, but every time you are placing your purchases on … Continue reading

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Unwitting mental time accountants

(featured image credit: alles/pixabay) Are we better at making good use of our time than at making good use of our money? What is an hour worth to you? If you are in work, a reasonable approximation would be your … Continue reading

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The unequal struggle between facts and conviction

(featured image credit: stevepb/Pixabay) When we argue on the basis of a conviction, we should be seeking to verify our position, rather than to confirm it “When the facts change, I change my mind. What do you do, Sir?” This … Continue reading

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